Gold prices could surge to as high as $4,900 per ounce by 2026, according to a bullish forecast by Goldman Sachs, which cites a powerful mix of macroeconomic, geopolitical, and structural demand factors supporting the precious metal.
In its outlook, the global investment bank pointed to sustained central bank buying as a key driver, noting that official sector demand for gold has risen sharply as countries seek to diversify reserves away from traditional currencies. Persistent geopolitical tensions and concerns over global financial stability are also expected to keep gold in demand as a safe-haven asset.
Goldman Sachs further highlighted the likelihood of easing monetary policy over the medium term, with potential interest rate cuts expected to lower the opportunity cost of holding non-yielding assets like gold. In addition, rising fiscal deficits in major economies and long-term inflation risks are seen as supportive factors for higher gold prices.
The bank also noted that investor interest in gold-backed instruments could increase if market volatility intensifies, adding further upside to prices. Together, these factors underpin Goldman Sachs’ projection that gold could reach $4,900 per ounce by 2026, marking one of the most optimistic forecasts for the metal in recent years.